Connect with us


    This is Everything You Need To Start A Business.




    Anyone can begin any business. However, that does not necessarily mean that everyone can succeed in it. The unfortunate reality is that the majority of businesses fail. The most frequently quoted statistic is 20 percent of all new companies fail within the first year. In addition, 50 percent fail to survive their fifth year, with only 30% enduring for the entire 10 years. The failure rate is higher within South Africa. Between 70 and 80% of newly-established South African businesses fail within five years.

    While the figures can be frightening, some companies are new and start consistently succeeded. What sets these businesses apart from those that fail is that the one starting the business has a greater understanding.

    However, how will you acquire these skills, the best level to begin an enterprise, or what field should you study to begin your own company? We’ll address those questions in the following sections while giving you some quick tips on starting an enterprise with or without any degree.

    Successful businesses are designed with care right from the beginning and by people with the proper expertise and understanding of the enterprise’s requirements. If you’re thinking of having your own business or already running your own business you’d like to expand, there are many options to learn about.


    This University of the Witwatersrand (Wits) online Postgraduate Diploma in Business Administration program gives you the knowledge and skills to have the best likelihood of success in your business.

    What minimum education do you require to be a successful business owner?

    There is a variety of requirements you must meet to begin your own business. Anyone with little money and enough patience to complete the necessary paperwork can register a company at the Companies and Intellectual Property Commission (CIPC).

    The barriers to entry are shallow, and starting a new business could cost as low as R125. It’s just an image on paper, or more accurately, a certified PDF that now declares that you own a business. This also means that you have the responsibility of making more formalities and paying more through taxes if your business can ever earn income that the government can tax.

    What you require is a strong business plan and the ability to execute the business plan. You can acquire this through the study of a top business plan.

    There are two methods of assessing the qualifications you require. The best first step for those starting an enterprise is to look at the information you already have. If you’re a dentist who is certified is a natural choice to think about establishing a dental practice. Someone with a marketing background might establish an agency for advertising, while chefs are more likely to work in catering and restaurant companies. For many, they could risk simply becoming self-employed.


    The most important thing for entrepreneurs is to build something that will eventually grow and be operational with minimum effort, allowing them to expand their business or even find an investor or buyer to purchase a part (or all) of the stake they own in your business.

    Another route you could choose is to study the business itself. Warren Buffet, who has been a regular part of the most successful lists in the world for years, was a business economics and administration student.

    The most suitable degree for starting your own company should be one focused on managing businesses. The Bachelor of Commerce degree would be an excellent place to start; however, even if you’ve studied something other than the bachelor’s degree level, it is still possible to pursue the Postgraduate Diploma in Business Administration to cover the entire range of topics that are suitable to start your own company.

    What subject should I study if I plan to establish my own business?

    If you’re considering someday starting your own company, you’ve likely had a few questions. Which is the most suitable subject for business? What level is required to become an entrepreneur, or what subjects should you study when you plan to launch your own company?

    You can study many subjects to master the art of running your own business and then specialize in a particular aspect of it by choosing an appropriate specialization. Here are a few suggested majors that can help you prepare to start your own business:

    • Finance
    • Management
    • Accounting
    • Marketing
    • Management of projects
    • Business Law
    • Entrepreneurship
    • Economics

    Beginning a business without a college degree

    As we’ve said, there aren’t any prerequisites or education requirements to begin a business, and anyone can start one. Some of the biggest companies were started by students who quit university – Bill Gates and Mark Zuckerberg are two notable examples. They’re, however, more of an exception than the rule.

    Beyond formal education, it is possible to get valuable experiences in the workplace and observe the inside of how a business manages. This gives you knowledge of how a business operates and provides you with training on various subjects that are the most beneficial to begin your business.

    For instance, Jeff Bezos studied computer science and later made his way to become a vice president at an investment company. During his career, he acquired significant experience in fields such as finance and management before the launch of Amazon, making him the wealthiest person in the world.

    If you don’t have a college degree, you can approach the creation of your company like you would if you had a degree.

    How do I start a business?

    Michael E Gerber wrote in The E-Myth Revisited: Why most small-sized companies fail and what you can do with it many entrepreneurs who want to start their venture don’t do a business. They can create new work for themselves. Consider freelancers and those who contract to work on their time. Although they can be profitable, they usually do not establish businesses that could later be turned into profit. For them, they are the heart of the company, and without them, there would be no business.

    How do you begin a business? And, more importantly, how do you begin an enterprise that can be successful? Make a meticulously designed business plan. Examine the market and be as realistic as possible in estimating your income and costs to make you profitable.


    Many new business owners are focused on pursuing the next big deal or getting involved in their business’s day-to-day activities. They continue to take a step back and consider the long-term perspective. Consider carefully what you can do to grow your business and what skills your employees will likely require you to hire.

    If you can plan your strategy with care, persistence, and luck, you might be hiring people with the expertise you do not have.

    Which topic is the best for your business?

    Professionals who are knowledgeable in their field usually think that their business should be overseen by those knowledgeable about the service or product that the company provides. With all the diversity of companies offering various products and services, it is true that they all have a similar structure and operate in the same methods. This is where business topics are involved. Simply put, this is the business of doing business.

    The best subjects for business concentrate on the essential aspects of running a company – finances and accounting and managing and running the company. A quality business education covers all of these areas.

    If you are selling doohickeys, yacht cruises, or professional service, You will find these topics helpful at the beginning of your own business:

    • Strategy
    • Introduction to Finance
    • Management and Financial Accounting
    • Marketing
    • Essential business abilities
    • Management of projects
    • Law of business
    • Entrepreneurship
    • People management
    • International Business
    • Economics

    Continue Reading
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *


    Five Positive Effects Of Outsourcing On Your Business.




    Outsourcing has been employed by various companies over many years, beginning in the 1970s. However, it wasn’t considered a business strategy until 1989 (Mullin 1996). At the beginning of offshoring, cost savings or headcount reduction were the primary reasons for outsourcing. In the modern-day business environment, the reasons for outsourcing are usually more strategic and concentrate on the essential value-adding tasks in-house, where an organization can best leverage its strengths and save money.

    Outsourcing has had a significant impact on globalization. It has allowed numerous businesses to become more competitive globally and access top-of-the-line capabilities. Are you considering outsourcing due to these reasons?

    The first thing you should be aware of is that the benefits of outsourcing extend beyond cost savings. Many companies outsource to save money, which they can put towards more important business activities. Still, outsourcing can also provide you with several other benefits, which can assist in growing your business from a high level of efficiency to an increased competitive advantage. We’ll discuss them in this post.

    Outsourcing as a Business Strategy

    Outsourcing is considered a “smart business strategy” to improve efficiency and decrease costs. This strategy is a great sounding board for business owners who wish to achieve their goals. From accounting to information technology and human resources to marketing, the business activities of SMEs are outsourcing more and more to top outsourcing destinations like India or the Philippines.


    In any way, the more significant advantages you reap from outsourcing, the better and when you outsource, you can expect to reap plenty. Outsourcing can be so beneficial that some experts think you can run an entire business without employing a single internal employee.

    Five Positive Effects of Outsourcing

    Here are a few of the most commonly reported effects of outsourcing, which can assist in scaling your business.

    1. Save Up to 70% on Operational Costs

    The ability to hire cheaper workers is the most commonly-cited reason firms are considering outsourcing. Workers in developing nations get paid less than those working in prosperous and established nations due to the low price of living. This allows your company to complete the task at a fraction of the cost. Additionally, you are free from paying for costly benefits as outsourcing service providers assume the responsibility.

    2. Get a Better Productivity Rate

    Outsourcing can improve your business operations’ efficiency by attracting highly skilled workers willing to work in various shifts. Work output will stay the same because workers outsourced to work tend to be more focused on meeting and surpassing expectations, contributing to your business’s financial success.

    3. Allows You to Focus on Core Business Functions

    When your company expands and expands, the quality of your core tasks could suffer because of the increasing workload of the time-consuming tasks. Outsourcing some of your business processes can free up your time and effort and let you focus on developing your brand, investing in research and development and developing new ways to provide higher-value services.


    4. We provide you with access to Advanced Technology

    If you run one of the smaller businesses, you likely cannot afford to equip all the workers with the most recent technology. Outsourcing solves this problem because service providers can benefit from the latest technology. After all, it’s part of their primary business. Furthermore, the most recent technology can help your business run processes efficiently and profitably.

    5. You Have Flexibility in Staffing

    If your company has seasonal or cyclical needs, outsourcing can help you recruit more personnel or resources when you require them and then release them after you’ve finished. Put, you are able the ability to meet your needs but without the financial obligation of a continuous work schedule. Furthermore, the outsourcing firm will manage the hiring and education process for you, removing stress and allowing you to focus on other vital issues.

    It’s no doubt that outsourcing is an excellent business option that, if done correctly, can assist companies in moving closer to achieving their goals. Determining which function of your business to outsource and selecting the best outsourcing company is crucial, and you’ll reap all the positive effects of outsourcing on your company.

    Continue Reading


    Three Levels of Strategy: Corporate Strategy, Business Strategy and Functional Strategy.




    Strategy is the basis of any decision in an organization. Suppose the strategy needs to be adequately developed and decided by the top management. In that case, it can have an enormous impact on the efficiency of the employees in nearly every department in the organization. In our previous article, “What is Strategy? In the past, we attempted to define and define the meaning of business strategy and what’s not considered part of the strategy. The article below will examine strategy through three distinct levels or ‘Levels’. The three levels include business-level strategy, corporate-level strategy, and Functional-level strategy. These three strategies could be represented in a “Strategy Pyramid” (Figure 1.). The corporate strategy differs from the business strategy and functional strategy. While Corporate-level strategy may be on the highest level of the ladder, This article will describe the Business-level strategy first.

    Business-level strategy is the one that most people have heard of and is focused on the question, “How do we compete?”, “How do we gain (a sustainable) competitive advantage over rivals?”. To tackle these issues, it’s essential to understand the company’s external environment and the business. At this stage, we can employ internal frameworks such as those of the Value Chain Analysis and the VRIO Model and external analysis frameworks such as Porter’s Five Forces and PESTEL Analysis. Once a thorough strategic analysis has been conducted, the upper management can formulate strategies by applying frameworks like Value Disciplines, Blue Ocean Strategy and Porter’s Generic Strategies. The business-level strategy aims at creating a competitive advantage by providing customers with the best value and being exclusive and difficult to duplicate in the market.

    Functional-level strategy

    The functional-level strategy addresses the “How do we support the business-level strategy within functional departments, such as Marketing, HR, Production and R&D?”. These strategies aim to improve the effectiveness of the company’s activities within the departments. Within these departments, employees frequently use the term ‘Marketing Strategy”, “Human Resource Strategy and “R&D Strategy”. The aim is to integrate these strategies as closely as possible with the larger business strategy. Suppose the design of the business is, for instance. In that case, The marketing department must be able to target them as precisely as possible with their marketing strategies by choosing the most appropriate (social) platforms. These decisions are purely operational and therefore are not part of a strategy. Therefore it is best to label them strategies instead of tactics.

    Corporate-level strategy

    Corporate management should think about more than just how to achieve a competitive advantage within each type of business the firm is involved in but also the industries in which they ought to be involved. It’s about deciding on the most effective set of companies and determining how they can integrate into the total: a portfolio. Most often, top management takes significant decisions regarding divestment and investment at this level. Mergers and acquisitions (M&A) are integral to the corporate strategy. This type of strategy is required only when a company operates in multiple businesses through various business units with different business strategies that must be aligned to create a consistent internal corporate system. This is why corporate strategy is typically not found in small-medium businesses (SMEs) but in multinational companies (MNEs) and conglomerates.


    Example Samsung

    Let’s consider Samsung as an illustration. Samsung is an amalgamation comprising a variety of Strategic Business Units (SBUs) offering a broad range of products. Samsung sells cameras, smartphones, TVs, microwaves and televisions, washing machines, refrigerators, insurance, and chemicals. Every product or business unit requires a strategy to be competitive in its industry. But, at the top level of the company, Samsung must decide on more fundamental issues such as: “Are we going to pursue the camera business in the first place?” or “Is it perhaps better to invest more into the smartphone business or should we focus on the television screen business instead?”. The BCG Matrix and the GE McKinsey Matrix are both portfolio analysis frameworks and tools to work out this.

    Levels of Strategy In Sum

    The most commonly used type of strategy is called business strategy. They are strategic business units to achieve a competitive advantage in a particular market. If a company comprises multiple SBUs, a typical corporate strategy must connect the SBUs in a corporate configuration. In this instance, the top management must determine the allocation of resources, which areas to invest in, and where to sell. Additionally, there is a functional strategy within departments like Production, HR, and Marketing. It is best to refer to tactics rather than strategies due to how operations decisions are taken within these departments.

    Continue Reading


    How to Improve Key Areas Of A Small Business.




    Each small business may have something unique about it, but they all share similar attributes that can be made more accessible using the appropriate tools.

    Do you need help to streamline your day-to-day process, and do most of your resources need to be more utilized or used? Are you struggling to reach its optimal efficiency, and is it contributing to a drop in sales overall? More importantly, are your company operations hindered by a lack of or infrequent cash flow?

    If you’re one of the entrepreneurs facing these challenges, likely, you need to use the most effective techniques to handle the crucial aspects of running a small-sized business.

    Nowadays, companies operate differently, and certain areas are between business and business. But, some essential regions are common to all companies, regardless of size or type. We have identified and outlined the most critical areas that require attentive management to help smaller companies achieve their goals.


    Five Key Areas of a Small Business

    Small businesses need to control a myriad of essential aspects. However, I’ve narrowed down five crucial areas for managers and entrepreneurs.

    1, Resource Management

    Management is vital to ensure that businesses run smoothly. It ensures that resources are in the appropriate places at the proper time and helps reduce costs and unnecessary effort. Resources include not only tangible items like equipment or equipment; however, they also valuable resources like time and expertise. Companies need to develop schedules and establish budgets for their employees, projects, and equipment to ensure this happens.

    There are tools to simplify the process of many of these. A variety of software is available that allows you to encourage collaboration when the tasks are assigned to the right team members. You can also monitor the progress and capabilities. The best part is that most of these tools produce reports that can assist you in identifying patterns and areas that need improvement.

    2. Operations

    Operations are a crucial aspect of any company because departments that work together to achieve goals are what business is all about. It isn’t easy to comprehend everything in the operations department regularly. Yet, as soon as things are out of alignment, the team will notice, and efficiency can drop.

    Many companies have begun using software to help keep their business in order. Proofhub is one example of a program that provides a central working area for teams to manage work lists, workflow discussions, calendars, documents, and other documents. Suppose you’re looking for this type of technology. In that case, ensuring that the application you select integrates with other tools you utilize is an additional benefit when there’s any learning curve.


    3. Marketing

    However great your business is, it will only be successful with some marketing efforts. What this means for you could depend on the nature of your business. It may be beneficial to concentrate on social media and content marketing. However, the main point is that you must market and promote your services or products.

    They have many resources if you are a member of the internal marketing staff. Tools for managing customer relations ensure the smoothness of customer interactions. Social media scheduling tools like Hootsuite enable marketers to plan social media posts immediately. Tools for optimizing search results can aid teams in researching keywords or preparing content. Any time you’re working on a marketing plan, there’s an instrument that can help streamline the process.

    4. Sales

    Sales play a crucial role in business as they bring in revenue, but sales personnel are also your primary point of contact when building customer trust and loyalty. A well-run sales team will assist in growing your business by enhancing profits and improving credibility.

    In the sales department, having the appropriate tools is vital. Find out what their problems are. If organizing documents is an issue, consider a contract management program allowing them to streamline and manage digital contracts. If writing personalized emails consumes their time, consider making use of templates. Any repetitive task that slows down their workflow should be automated as soon as possible.

    5. Financial

    Recordkeeping, accounting administration, recordkeeping, and controlling cash flow need to be more varied and get boring quickly. While it can be tedious for humans, computers can speed up the process of crunching numbers.


    There are a variety of tools to streamline the financial process. Accounting software will aid with generating reports, record-keeping automation expenses calculation, and invoicing. The means for tracking expenses let employees from different teams share costs with the finance department. These are only a handful of examples. When looking at tools for finance, be sure that any device you create is compatible with the tools your team is currently employing.

    Final Takeaways

    Managing a small-sized company is challenging and especially difficult when working with limited resources available. With the right tools to oversee different aspects of your small-scale business, you’ll be able to get higher results while removing your employees from manual tasks.

    The tools in this article can assist you in reducing the waste of resources, cutting down on manual tasks that are prone to error, and facilitating collaboration between different departments.

    In the current world, relying on old ways of doing things is no longer feasible. Therefore, you should read small business magazines vital for your small business and then select the right tools. The right tools will assist you in focusing on the other, more crucial areas of business, resulting in higher achievement.

    Continue Reading